Glanbia delivered a resilient financial and operating performance in HY 2025, according to its announces its half year results for the six month period ended 5 July 2025 (“Half Year 2025” or “HY 2025”).
Group revenue was recorded at $1,926.7 million (HY 2024: $1,815.6 million), up 6.0% constant currency (up 6.1% reported). Group EBITDA (before exceptional items) was $241.3 million (HY 2024: $261.6 million), down 7.5% constant currency (down 7.8% reported). While group pre-exceptional profit after tax was $132.0 million (HY 2024: $152.5 million) was down 13.3% constant currency (down 13.4% reported).
Glanbia’s net debt at 5 July 2025 was $650 million, which represents an increase of $4.6 million versus prior year (HY 2024: $645.4 million). At the end of the period, the Group had committed debt facilities of $1.37 billion (HY 2024: $1.30 billion) – Glanbia’s ability to generate cash and its available debt facilities ensure the Group has considerable capacity to finance future investments.
CONTINUED GROWTH IN LATIN AMERICA
Commenting at the release of the results, Hugh McGuire, Chief Executive Officer, said that the group had ‘navigated significant macroeconomic volatility’.
“Today’s results reflect a first half of significant execution and progress as we generated 6% revenue growth in the period, underpinned by strong growth in H&N and DN and a sequential improvement in PN through the period as the Group navigated significant macroeconomic volatility.
“First half results were driven by volume growth, earnings and margin progression in H&N and DN, reflecting strong customer demand. This was offset by anticipated reduced performance in PN primarily as a result of elevated whey costs during the period. In the second quarter, we were pleased to see volume and price growth in our flagship brand, Optimum Nutrition. Within our H&N division, we have today announced the acquisition of Sweetmix, a Brazil-based nutritional premix and ingredients solutions business, facilitating continued growth in the Latin America region”.
Capital investment
Glanbia’s total investment in capital expenditure (strategic and maintenance) was $47.7 million in the first half of 2025, compared to $44.9M for the same period in 2024. Strategic investment totalled $34.2 million and included ongoing capacity enhancement, business integrations, and IT investments to drive further efficiencies in operations. Total capital expenditure for the year is expected to be between $80 million and $90 million.
The Board is recommending an interim dividend of 17.20 €cent per share (HY 2024: 15.64 €cent per share) representing a 10% increase on the prior year interim dividend. Glanbia’s overall dividend policy remains unchanged at a target annual dividend payout ratio of between 25% and 35% of adjusted EPS. The interim dividend will be paid on 3 October 2025 to shareholders on the register of members as at 22 August 2025.
“We delivered strong operating returns and cash conversion and continue to have a disciplined approach to capital allocation, with a 10% increase in the interim dividend and €62.8 million returned to shareholders via share buyback programmes during the period,” McGuire continued.
“We are today upgrading our full year adjusted EPS guidance to 130 to 133 $cent as a result of increased revenue momentum in PN and improved margins in H&N. The category trends remain positive, and we expect to see continued improvement in volumes across PN in the second half of the year with continued momentum in H&N and DN.”
Share buyback
On 6 November 2024, the Group announced a €50 million share buyback programme which formally commenced on 16 December 2024. This programme was completed on 30 May 2025 and another €50 million share buyback programme launched on 4 June 2025. Year-to-date to 5 July 2025, Glanbia has deployed €62.8 million, repurchasing 5,095,246 ordinary shares on Euronext Dublin at an average price of €12.33. A further €50 million share buyback programme is expected to be concluded prior to year end.
